Inhibrx Biosciences (NASDAQ:INBX) Announces Quarterly Earnings Results

Inhibrx Biosciences (NASDAQ:INBX) issued its quarterly earnings results on Thursday. The company reported ($2.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.28) by ($0.06), FiscalAI reports.

Inhibrx Biosciences Stock Performance

NASDAQ INBX traded down $1.35 during trading hours on Thursday, reaching $97.01. The stock had a trading volume of 251,196 shares, compared to its average volume of 314,311. Inhibrx Biosciences has a 52-week low of $22.40 and a 52-week high of $155.29. The stock has a fifty day moving average of $90.73 and a 200 day moving average of $88.32. The company has a debt-to-equity ratio of 12.58, a quick ratio of 6.46 and a current ratio of 6.46. The stock has a market cap of $1.42 billion, a P/E ratio of -11.56 and a beta of 3.51.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Lifesci Capital upgraded shares of Inhibrx Biosciences to a “strong-buy” rating in a research note on Friday, April 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Inhibrx Biosciences in a research note on Tuesday, June 16th. Finally, Wall Street Zen raised Inhibrx Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Inhibrx Biosciences presently has a consensus rating of “Hold” and a consensus target price of $150.00.

Institutional Trading of Inhibrx Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Invesco Ltd. lifted its stake in Inhibrx Biosciences by 539.6% during the 4th quarter. Invesco Ltd. now owns 112,396 shares of the company’s stock valued at $8,879,000 after acquiring an additional 94,822 shares during the period. Corient Private Wealth LLC acquired a new stake in shares of Inhibrx Biosciences in the fourth quarter worth $1,615,000. XTX Topco Ltd acquired a new stake in shares of Inhibrx Biosciences in the fourth quarter worth $713,000. Virtus Investment Advisers LLC purchased a new position in shares of Inhibrx Biosciences during the fourth quarter worth $264,000. Finally, SummitTX Capital L.P. raised its holdings in shares of Inhibrx Biosciences by 53.1% during the fourth quarter. SummitTX Capital L.P. now owns 82,885 shares of the company’s stock worth $6,548,000 after purchasing an additional 28,742 shares during the last quarter. 82.46% of the stock is currently owned by institutional investors and hedge funds.

Inhibrx Biosciences Company Profile

Inhibrx, Inc, headquartered in La Jolla, California, is a clinical-stage biotechnology company focused on the discovery and development of next-generation protein therapeutics. The company’s proprietary protein engineering platform enables the design and production of multispecific and multivalent biologics with tailored binding characteristics and favorable pharmacokinetic properties. By leveraging high-throughput screening and structure-based design, Inhibrx aims to create molecules that address challenging targets in oncology, regenerative medicine and other areas of unmet medical need.

The company’s lead candidate, INBRX-109, is a tetravalent agonist of the receptor tyrosine kinase ROR2 designed to stimulate tissue repair and regeneration.